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HOW TO OPEN A SECRET SWISS BANK ACCOUNT In order to meet Mr.

B, a stranger must first locate his office on a narrow side street in Geneva, then negotiate behind solid oak doors and electric locks. Behind those doors Mr. B's secretary escorts the visitor through through a series of secluded rooms. Then finally he's led into the inner sanctum -- Mr. B's office. The blinds are quickly pulled, and thick drapes are drawn accross the windows. Mr. B heads one of Switzerland's numerous small banks, and his visitor wishes to open a secret account. Mr. B is happy to oblige. Secret bank accounts are his best known stock-in-trade. Why does the visitor want a secret bank account? Mr. B doesn't consider it any of his business -- but most people who open these accounts have at least a little larceny in their hearts. Numbered accounts are a convenient way to hide money from a spouse in a divorce case. Or, a man may want to set up an account for his mistress without his wife knowing about it. Or, a businessman may want to hide money from his creditors prior to filing for bankruptcy. There are even a couple of completely above-board reasons for wanting a Swiss bank account. Some are simply hedging against possible devaulation of the U.S. dollar. And others -- those who travel in Europe frequently -- may want an account for the convenience of writing unquestionably acceptable checks while away from home. But if one is to believe the view of the Internal Revenue Service, most of the estimated 40,000 Americans with Swiss accounts are evading income tax -- much of it on illegal activities. Beginning in 1970, a new question was added to the Federal tax return: "Did you, at any time during the taxable year, have any interest in or signature or other authority over a bank, securities, or other financial account in a foreign country?" A dishonest answer, of course, makes the taxpayer subject to prosecution for perjury -- if caught! However, it is doubtful that even fear of imprisonment will discourage any great number of serious tax evaders. An even newer law requires people to report the moving of $5,000 or more abroad, and requires U.S. banks to give Washington more information on international transfers of money. Again, it is doubtful that interest in Swiss bank accounts will subside. In fact, Swiss bankers report that every time any publicity is given the matter, the number of inquiries from the United States increases. Why do people choose Switzerland for their secret bank accounts? Several other countries including Panama, Hong Kong, and Luxembourg also offer secret bank accounts to Americans. Switzerland has a very stable economy and a very stable currency, and secrecy is a 300 year old tradition. Furthermore, Swiss banks are complex institutions that can do nearly everything for their clients, from buying silver bullion in London to arranging a favorable tax treatment with the tax

authorities! Any good Swiss banker is prepared to intelligently discuss nearly any investment opportunity -- whether it be the merits of South African gold shares or a rare work of art. Try that with the average American banker! Unfortunately, the walls of secrecy have crumbled just a bit recently. By last count, about 800 foreign requests a year for banking information are being granted -- mostly under treaties and laws that didn't exist a few years ago. Part of the reason for the release of more information may be that more Swiss banks have branches abroad, thus exposing themselves to the laws of other countries. With this in mind, it doesn't require much legal expertise to conclude that more confidentiality may be achieved by dealing with a Swiss bank that has no foreign operations. How does one go about opening a Swiss bank account? the degree of privacy desired. Several Swiss banks have branches in the United States (New York, Los Angeles, and San Francisco), but none will open a numbered account here. An account with your name on it is almost as good because Swiss law protects the privacy of names too. But more bank employees have access to your name, and, consequently, there is a greater chance on information leaks. Then too, the record of your having opened the account in the U.S. may be subject to subpoena by U.S. courts. For the utmost in secrecy, go to Switzerland, or you can use a private courier. Some make deposits by going to Canada or the Bahamas and transferring cash through friendly banks there. The three main types of accounts available are checking, savings, and time deposits. While there is no charge for checking accounts, few Americans have use for them unless they travel frequently in Europe or want one as status symbol. Savings accounts pay interest, but withdrawals are limited to about $10,000 every 30 days. Time deposits require that you leave your money in the bank for a specified length of time (generally 6 months or more), but they have the advantage of paying higher interest. If you want protection against dollar devaluation, your deposits can be converted into Swiss francs. If only a low degree of privacy serves your purpose, you may want to contact one of the Swiss bank branch managers in the United States for additional information. If you are sincerely interested, not just a curiosity seeker, they will be happy to talk with you. Here are some of the major branches located in New York City: Bank Julius Baer & Co., 330 Madison Ave., New York, NY 10017 Bank Leu, Ltd., 375 Park Ave., New York, NY 10152 Swiss Bank Corp., 4 World Trade Center, New York, NY 10048 Union Bank of Switzerland, 299 Park Ave., New York, NY 10171 It depends upon

Oh yes, are secret Swiss bank accounts legal? You bet they are!! It's only the use to which they are sometimes put that is illegal!!

For other materials that pertain to accounts overseas write by Snailmail (Regular U.S. First Class Mail) to: Offshore Banking News 301 Plymouth Drive N.E. Dalton, GA 30721-9983 Good luck! Typed by Struct Def 28 Dec 1989 This file is copyrighted (c) 1987 by International Publications, PO Box 19749, Indianapolis, Indiana 46219 -ALL RIGHTS RESERVEDThis file is of course, typed and printed in the United States of America. XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XX EOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEOFEO FE ENDENDENDENDENDENDENDENDENDENDENDENDENDENDENDENDENDENDENDENDENDENDENDENDENDEN DE OFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFOFO FO FILEFILEFILEFILEFILEFILEFILEFILEFILEFILEFILEFILEFILEFILEFILEFILEFILEFILEFILEF IL